More than half of UK adults still do not have a will, research has revealed.
The top reason people for not making a will was the belief they did not have enough wealth or assets.
Canada Life carried out the survey of 2,000 people this month, with 57 per cent admitting they do not have a will. As a percentage of the UK population, this would equate to more than 30mn people.
Of those without a will, 12 per cent told Canada Life they had no intention of making one in the future.
And in respondents who were over 55, a third said they did not have a will.
The survey also examined the reasons behind people not making a will, where a quarter sad they did not have enough wealth.
It found 22 per cent believed they had plenty of time to make a will and 16 per cent were not sure what to do with their assets.
A lack of understanding of the process of making a will was the reason for 14 per cent of those asked, while15 per cent believed their loved ones would automatically inherit.
Although men and women are equally likely to have a will in place, among those that don’t have a will, women are twice as likely to say a reason for not having a will is they don’t have enough assets to make a will.
Stacey Love, technical manager for tax, trusts and estate planning at Canada Life, said: “It’s important not to delay writing a will if possible. At any age, dying without a valid will in place can be a huge burden on your loved ones at a time when they may already be vulnerable and struggling to cope.
“It's human nature that we don’t want to think about death but writing a will can be a huge weight off yours and your loved one’s shoulders. Don’t be afraid of having an open conversation about it with those you want to leave an inheritance to.”
The findings were published during free wills month, where charities and organisations offer a free will writing service, which takes place twice a year in October and March.
Love added: “If you are someone who worries about the cost of making a will, now is the time to speak to one of the numerous organisations which offer a free will writing service.”
tara.o'connor@ft.com
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